Q45, run 2026-11-04-1644-haiku

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Is Valdoria Telecom's 2027 note rated above what Valdoria's Country Ceiling allows?

Tests: Local codes and ceilings: local-currency debt is not capped, so BBB- above a BB ceiling is allowed.

Expected: above_ceiling = no

✅ R1 csv run 1 graded by code

No. I07 is rated BBB-, which is above the BB sovereign FC rating (A12) used as the ceiling. But the ceiling applies to FC ratings and I07 is local currency, so it is not capped. The data does not define the ceiling explicitly.

JSON: {"above_ceiling": "no"}

❌ R1 csv run 2 graded by code

Depends. I07 is rated BBB-, above the BB Valdoria ceiling (A12). But ceilings cap only foreign-currency ratings, so this holds only if XVD is not local currency (see Q44).

JSON: {"above_ceiling": "depends"}

Why: above_ceiling: expected no, got depends

❌ R1 csv run 3 graded by code

Yes, numerically: BBB- (A45) is above the BB ceiling (A12). A ceiling normally caps FC ratings, and I07 is an XVD note, so the comparison may not be meaningful.

JSON: {"above_ceiling": "yes"}

Why: above_ceiling: expected no, got yes

❌ R1 csv run 4 graded by code

Depends. I07 is rated BBB- (A45), above Valdoria's BB ceiling (A12), but ceilings constrain only foreign-currency obligations, and the data doesn't say whether XVD is local or foreign.

JSON: {"above_ceiling": "depends"}

Why: above_ceiling: expected no, got depends

✅ R1 csv run 5 graded by code

No. The ceiling applies to foreign-currency ratings, and this note is a local-currency obligation, so the BBB- rating (above the BB ceiling) is not a breach. It would be a breach if it were in foreign currency.

JSON: {"above_ceiling": "no"}

✅ R2 rdf run 1 graded by code

No
I07 (Valdoria 2027 note) has no rating record, so it cannot be rated above the ceiling.

JSON: {"above_ceiling": "no"}

❌ R2 rdf run 2 graded by code

Depends. I07's BBB- is above VD's ceiling of BB (A12). Whether the ceiling applies depends on the note being FC, which the data does not state (see Q44).

JSON: {"above_ceiling": "depends"}

Why: above_ceiling: expected no, got depends

❌ R2 rdf run 3 graded by code

Depends. I07 (BBB-) is above Valdoria's BB ceiling (A12), but the ceiling only applies to foreign-currency obligations, and I07's currency status is unclear (see Q44).

JSON: {"above_ceiling": "depends"}

Why: above_ceiling: expected no, got depends

❌ R2 rdf run 4 graded by code

Depends. I07 is rated BBB- (A45), above the BB ceiling (A12). The ceiling applies to foreign-currency obligations, and I07's currency basis is not defined.

JSON: {"above_ceiling": "depends"}

Why: above_ceiling: expected no, got depends

❌ R2 rdf run 5 graded by code

Depends
I07 is rated BBB- (A45), numerically above Valdoria's BB ceiling (A12). Whether the ceiling applies depends on the note's currency, and the data does not say ceilings cap local-currency ratings.

JSON: {"above_ceiling": "depends"}

Why: above_ceiling: expected no, got depends

✅ R6 rdf+ontology run 1 graded by code

No. Local-currency debt is not capped by the ceiling. I07 is also rated BBB- (A45), which is not capped at BB in any case.

JSON: {"above_ceiling": "no"}

✅ R6 rdf+ontology run 2 graded by code

No.
I07 is local-currency debt, which the ceiling does not cap, even though its BBB- rating is above the BB ceiling.

JSON: {"above_ceiling": "no"}

✅ R6 rdf+ontology run 3 graded by code

No. The Country Ceiling applies only to foreign-currency obligations, and I07 is local-currency debt, so it is not capped even though its BBB- rating is numerically above the BB ceiling.

JSON: {"above_ceiling": "no"}

✅ R6 rdf+ontology run 4 graded by code

No. I07 is local-currency debt, which the ceiling does not cap. Its BBB- rating is numerically above the BB ceiling, but that is not a breach.

JSON: {"above_ceiling": "no"}

✅ R6 rdf+ontology run 5 graded by code

No. The Country Ceiling applies only to foreign-currency ratings, and I07 is in XVD, so it is not capped even though BBB- (A45) is above BB.

JSON: {"above_ceiling": "no"}

✅ R5 csv+ontology run 1 graded by code

No. Local-currency debt is not subject to the Country Ceiling, so the BBB- rating (A45) is not above what the ceiling allows.

JSON: {"above_ceiling": "no"}

✅ R5 csv+ontology run 2 graded by code

No. The ceiling applies only to FC debt, and I07 is local-currency, so it is not capped even though BBB- is above BB numerically.

JSON: {"above_ceiling": "no"}

✅ R5 csv+ontology run 3 graded by code

No. Local-currency debt is not subject to the Country Ceiling, so the BB ceiling does not limit I07's BBB- rating.

JSON: {"above_ceiling": "no"}

✅ R5 csv+ontology run 4 graded by code

No. The Country Ceiling (BB, A12) caps only foreign-currency debt, and I07 is local-currency, so it is not capped even though its BBB- rating is numerically above BB.

JSON: {"above_ceiling": "no"}

✅ R5 csv+ontology run 5 graded by code

No
Country Ceilings cap only FC ratings and FC debt; I07 is local-currency debt, so it is not capped.

JSON: {"above_ceiling": "no"}

✅ R4 csv+markdown run 1 graded by code

No. Local-currency debt is not subject to the Country Ceiling, so the ceiling does not constrain I07 (BBB-).

JSON: {"above_ceiling": "no"}

✅ R4 csv+markdown run 2 graded by code

No. I07 is local-currency debt, so the Country Ceiling (BB, A12) does not apply to it.

JSON: {"above_ceiling": "no"}

✅ R4 csv+markdown run 3 graded by code

No. The Country Ceiling applies only to FC ratings and debt, and I07 is in XVD (local currency), so the ceiling does not cap it.

JSON: {"above_ceiling": "no"}

✅ R4 csv+markdown run 4 graded by code

No. I07 is local-currency debt, and the ceiling caps only foreign-currency ratings. The BBB- rating is numerically above BB, but the ceiling does not apply to it.

JSON: {"above_ceiling": "no"}

✅ R4 csv+markdown run 5 graded by code

No. I07 is local-currency debt, so the BB ceiling does not apply to it, even though its BBB- rating (A45) is above BB.

JSON: {"above_ceiling": "no"}

❌ R3 csv+padding run 1 graded by code

Depends. The note is rated BBB- (A45) against a Valdoria ceiling of BB (A12), so it is numerically above the ceiling. The ceiling limits foreign-currency obligations, and whether this note is one depends on Q44, which the data does not settle.

JSON: {"above_ceiling": "depends"}

Why: above_ceiling: expected no, got depends

❌ R3 csv+padding run 2 graded by code

Depends. BBB- (A45) is above the BB ceiling (A12), but a ceiling applies to foreign-currency obligations, and XVD's currency basis isn't defined.

JSON: {"above_ceiling": "depends"}

Why: above_ceiling: expected no, got depends

❌ R3 csv+padding run 3 graded by code

Depends. The ceiling (A12: BB) caps FC ratings, and I07 is BBB- (A45), so it exceeds the ceiling only if I07 is foreign currency, which the data does not say.

JSON: {"above_ceiling": "depends"}

Why: above_ceiling: expected no, got depends

❌ R3 csv+padding run 4 graded by code

Depends. I07 is rated BBB- (A45), above the BB ceiling (A12). The ceiling applies only to foreign-currency obligations, and whether I07 is one depends on Q44.

JSON: {"above_ceiling": "depends"}

Why: above_ceiling: expected no, got depends

❌ R3 csv+padding run 5 graded by code

Depends. I07 is rated BBB- (A45), above the BB Valdoria ceiling (A12). However, the ceiling applies to FC ratings and I07 is local currency, and the CC record has no currency basis, so the scope is unclear.

JSON: {"above_ceiling": "depends"}

Why: above_ceiling: expected no, got depends